IEA Cuts Oil Demand Forecast for 2011, 2012

NEW YORK ( TheStreet) -- The International Energy Agency revised lower its outlook for global oil demand for 2011 and 2012 because of reduced economic growth expectations.

The IEA on Tuesday trimmed its estimate for global oil demand in 2011 by 0.2 mb/d (million barrels a day) and by 0.4 mb/d for 2012.

The agency now expects global oil demand of 89.3 mb/d in 2011 and 90.7 mb/d in 2012.

The IEA said oil production in Libya should rise faster than previously forecast, but the country still won't be at full capacity at the end of 2012.

-- Written by Joseph Woelfel

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